Internet-TV distributor Brightcove announced Wednesday that it closed a $59.5 million funding round that the start-up said will allow it to accelerate international expansion and “solidify a market-leading position.”
The third round of funding -- which brings Brightcove’s total funding to $82.5 million -- was led by AllianceBernstein, Brookside Capital and Maverick Capital. Other investors in the round included The New York Times, Transcosmos Investments & Business Development and all of the company's existing strategic and financial investors: Accel Partners, Allen & Co., Time Warner’s AOL, General Catalyst Partners, Hearst and InterActiveCorp.
"This investment in Brightcove will enable us to grow our business at a critical juncture in the adoption of Internet TV," Brightcove founder and CEO Jeremy Allaire said in a prepared statement. "With the new funds, we will be expanding internationally, deepening our service offering to give media partners better tools to distribute and monetize video online and empowering consumers to interact with that content in exciting new ways."
In October 2006, Brightcove launched its consumer destination for TV content. Based in Cambridge, Mass., its customers include British Sky Broadcasting, Discovery Communications, Dow Jones, MTV Networks, The New York Times, Reuters, Sony BMG, Time Life, Warner Music Group and Washingtonpost.Newsweek Interactive.